Policy Address

Chapter I    Deepen Reforms and Committed to People's Livelihood

1. This year marks the conclusion of the National 14th Five-Year Plan period and the preparatory year for the 15th Five-Year Plan. This Policy Address serves as a roadmap for Hong Kong to strive for a vibrant economy, pursue development, and improve people's livelihood – accelerating our advancement from stability to prosperity. It also outlines a strategic plan for Hong Kong to proactively align with national development strategies and achieve breakthroughs in forging a new landscape.

2. My ultimate objective in governance is to improve people's livelihood with better housing for members of the public, higher income for workers, enhanced care for the elderly, and greater prospects for young people. The well-being of our people is intimately linked to the health of our economy, making economic growth the key driver of livelihood improvement. Growth creates job opportunities and wealth, which will in turn generate additional resources for public services, enabling the Government to deliver more and better services. Improvement in people's livelihood will then spark new social demands that stimulate market development, further promoting economic growth. The economy and people's livelihood are mutually reinforcing: each strengthens the other.

3. Since taking office, I have been actively promoting reforms, both within the Government and in the wider community, thereby facilitating economic growth and improving people's livelihood. I have transformed and instilled in the Government a culture that is "result-oriented". We have been pressing ahead with public housing production and introduced Light Public Housing (LPH). Three years ago, applicants for public rental housing (PRH) waited an average of 6.1 years for a flat; the Composite Waiting Time is now 5.1 years, a reduction of one full year. Over the same period, the median household income rose by $3,000, an increase of 11%. Since I assumed office, the economy has rebounded – turning from negative to positive and gaining momentum. This year's growth is projected at 2% – 3%. In the past three years, Hong Kong has moved up one place to become the third-ranked global financial centre and has climbed four spots to rank third globally in overall competitiveness. In the last two years, we have risen 12 places to the fourth globally in talent competitiveness. Furthermore, Hong Kong is ranked seventh among the world's top 10 safest cities.